Chevron announces gas find in Australia

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Chevron Corp. (NYSE:CVX) today announced a further drilling success in the Carnarvon Basin offshore Western Australia, Australia’s premier hydrocarbon basin.

The Orthrus-2 well is located in the WA-24-R permit area approximately 60 miles (100 kilometers) northwest of Barrow Island. The well was drilled to a total depth of 14,098 feet (4,297 meters).

Combining both appraisal and exploration objectives, the well encountered 243 feet (74 meters) of net gas pay, of which 102 feet (31 meters) of net gas pay was encountered in a deeper, previously unexplored target interval in the Orthrus field.

George Kirkland, vice chairman, Chevron, said, “The find at Orthrus-2 represents our tenth offshore discovery in Australia within the past 18 months. Our successful drilling program offshore Western Australia demonstrates Chevron’s global exploration capability and our commitment to technical excellence and safe operations.”

Jim Blackwell, president, Chevron Asia Pacific Exploration and Production, said, “Our leading Carnarvon Basin leasehold and our accompanying exploration success help underpin further expansion opportunities on the Gorgon Project.”

Chevron’s Australian subsidiary is the operator of WA-24-R and holds a 50 percent interest, while Mobil Australia Resources Company Pty Limited holds 25 percent. Shell Development (Australia) Pty Ltd and BP Exploration Alpha Ltd each hold a 12.5 percent interest.